Case Studies


Seafood distributor – Write-up and tax client. First year with client, in review of prior corporate tax returns, identified a net operating loss carryback. Client received immediate cash infusion of $60,000

Attorney – Write-up and tax client. Staff was accounting for billable time, but not time spent on contingency work. Suggested that human nature will sometimes take the easy way, i.e., some billable time might be ending up in the unrecorded contingency bucket. Recommended having staff account for all eight hours per day. Profit increased by $250,000 the following year and each year thereafter.

Maritime Corporation – Audit client – Recommended use of LIBOR based pricing instead of prime based, for loans for ship construction. Interest expense decreased by an average of over $200,000 per year.

Educational Institution – Evaluated credit worthiness of a prospective tenant. Identified credit risk and potential eviction problems. Discovered that prior landlord had had a fire. Recommended refusing to sign lease.

Cleaning Service – Projected sales and expense increases, and cash flows to determine feasibility of hiring a sales manager. Recommended hiring. Decision proved to be a good one. First year profit growth of $120,000 is going to be attained.

Labor Organization – Projected annual cash flows under five differing scenarios for the next ten years to assist management in making policy decisions regarding benefits’ structures and leasing versus purchase of facilities.


Client 1 – Personal tax return(First year) – Review of prior year personal returns revealed opportunity to legitimately re-characterize loss on restaurant investment to operating loss from capital loss. Filed amended returns generating a refund of $110,000.

Client 2 – Personal return( First year) – Reviewed prior personal returns of new client who had recently sold a business. Identified errors in accounting for basis. Prepared amended returns generating refunds amounting to $60,000.

Client 3 – New client – Prepared and filed three years of previously unfiled returns. IRS had prepared returns showing taxes due in excess of $90,000 plus penalties and interest. Reduced unpaid taxes to $12,000 and abated late filing and late payment penalties of over $30,000.

Client 4 – Advised on how best to structure sale of a home, partly owned by a trust, and partly owned by a New York former resident who had moved to Florida and rented her former residence.

Client 5 – Advised client to make payments directly from IRA to charity to meet minimum required distribution, without raising adjusted gross income. Resulted in tax benefits throughout his personal return.

Client 6 – Evaluated insurance policies in irrevocable life insurance trust. Pointed out that there was excess coverage for the intended purpose of defraying estate taxes Researched advisor’s professional history and pointed out that advisor was being sued by several former clients for selling “excess coverage”. Saved unnecessary premiums of $100,000 per year.


Attorney – Consulting engagement – Reviewed accounting rendered in the course of dissolution of a law partnership. Showed client where the numbers had been accounted for improperly, to the benefit of his former partners.  Client sued successfully.

Food Distributor – (Write-up and tax client) Tracked units of inventory, purchases and sales. Identified stealing amounting to $1.2 million per year.

Benefit Fund – (Audit client) In the course of a financial audit, identified errors in the employee census, and assisted fund in recovering prior year underpaid contributions amounting to $480,000, Client recouped the $480,000 and continues to receive additional annual benefits of $80,000.